Virginia Retirement Systems ET AL reduced its stake in Fortive Corp (NYSE:FTV) by 4.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 278,800 shares of the technology company’s stock after selling 14,200 shares during the period. Virginia Retirement Systems ET AL owned approximately 0.08% of Fortive worth $23,475,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FTV. Toth Financial Advisory Corp grew its stake in shares of Fortive by 105.2% in the second quarter. Toth Financial Advisory Corp now owns 1,375 shares of the technology company’s stock worth $106,000 after acquiring an additional 705 shares during the last quarter. Fort L.P. purchased a new stake in shares of Fortive in the second quarter worth $122,000. Stratos Wealth Partners LTD. purchased a new stake in shares of Fortive in the third quarter worth $127,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Fortive in the second quarter worth $132,000. Finally, Migdal Insurance & Financial Holdings Ltd. grew its stake in shares of Fortive by 5,816.7% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,775 shares of the technology company’s stock worth $137,000 after acquiring an additional 1,745 shares during the last quarter. 85.24% of the stock is currently owned by hedge funds and other institutional investors.
In other Fortive news, VP Raj Ratnakar sold 30,912 shares of the stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $80.71, for a total value of $2,494,907.52. Following the transaction, the vice president now owns 13,244 shares of the company’s stock, valued at $1,068,923.24. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Emily A. Weaver sold 9,271 shares of the stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $75.41, for a total value of $699,126.11. Following the completion of the transaction, the vice president now directly owns 9,279 shares in the company, valued at approximately $699,729.39. The disclosure for this sale can be found here. In the last three months, insiders sold 180,341 shares of company stock worth $13,852,121. 12.20% of the stock is owned by corporate insiders.
Fortive stock opened at $75.33 on Tuesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.79 and a current ratio of 0.98. Fortive Corp has a one year low of $69.03 and a one year high of $88.34. The firm has a market cap of $25.00 billion, a P/E ratio of 26.07, a price-to-earnings-growth ratio of 2.07 and a beta of 0.98.
Fortive (NYSE:FTV) last posted its earnings results on Thursday, October 25th. The technology company reported $0.86 earnings per share for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.02). Fortive had a net margin of 15.72% and a return on equity of 24.91%. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.86 billion. As a group, equities analysts anticipate that Fortive Corp will post 3 EPS for the current fiscal year.
A number of equities research analysts have recently commented on the company. BMO Capital Markets increased their target price on Fortive from $88.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, July 27th. Citigroup increased their price objective on Fortive from $80.00 to $84.00 and gave the company a “neutral” rating in a research report on Monday, July 30th. Credit Suisse Group dropped their price objective on Fortive from $89.00 to $86.00 and set a “neutral” rating on the stock in a research report on Friday, October 26th. Morgan Stanley dropped their price objective on Fortive from $90.00 to $84.00 and set a “hold” rating on the stock in a research report on Tuesday, October 30th. Finally, Zacks Investment Research cut Fortive from a “buy” rating to a “hold” rating in a research report on Thursday, July 12th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $87.18.
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Fortive Company Profile
Fortive Corporation designs, develops, manufactures, markets, and services professional and engineered products, software, and services worldwide. Its Professional Instrumentation segment provides test tools, and thermal imaging and calibration equipment for electrical, industrial, electronic, and calibration applications; online condition-based monitoring equipment; portable gas detection equipment, consumables, and software as a service offerings; subscription-based technical, analytical, and compliance services; and maintenance management software for critical infrastructure in utility, industrial, energy, construction, public safety, mining, and healthcare applications.
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